THE HAGUE (dpa-AFX) - Shell Plc (SHEL), a British oil and gas major, on Thursday reported a sharp decline in pre-tax profit for the fourth quarter, amidst a fall in revenue, due to a reduction in segmental revenue.
In addition, the energy producer announced a share buyback program of $3.5 billion, which is expected to be completed by the first quarter results announcement.
For the fourth quarter, the company posted profit before tax of $1.635 billion, compared with a pre-tax profit of $16.443 billion, reported for the same period last year.
Income attributable to Shell plc shareholders plunged to $474 million or $0.07 per share, from S10.409 billion or $1.46 per share of the previous year.
This includes net impairment charges and reversals of $3.9 billion, and unfavorable movements due to the fair value accounting of commodity derivatives. These charges and unfavorable movements are included in identified items amounting to a net loss of $6 billion in the quarter.
Excluding items, earnings stood at $7.306 billion as against $9.814 billion in 2022.
Adjusted EBITDA was $16.335 billion, down from last year's $20.600 billion.
Total production available for sale declined to 2,827 thousand boe/d from the previous year's 2,831 thousand boe/d.
Total revenue and other income moved down to $80.131 billion from last year's $101.195 billion.
For the full year, the company expects cash capital expenditure of $22 billion to $25 billion.
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